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Amigo Holdings PLC (AMGO)

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Tuesday 23 April, 2019

Amigo Holdings PLC

Directorate Change

RNS Number : 8645W
Amigo Holdings PLC
23 April 2019
 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

FOR IMMEDIATE RELEASE

23 April 2019

Amigo Holdings PLC ("Amigo" or the "Company")

Directorate Change

Amigo Holdings PLC (LSE: AMGO), the leading provider of guarantor loans in the UK, announces Glen Crawford, CEO, has today notified the board of his intention to step down as CEO during the summer of 2019 in order to undertake medical treatment in respect of a degenerating spinal condition requiring an extended period of recuperation.

Hamish Paton was due to join the Company in early May 2019 as Chief Commercial Officer and it is our intention that he now assumes the role of CEO designate and will assume the role of CEO, subject to FCA authorisation, following a comprehensive handover from Mr Crawford over a period up to three months. Hamish has a strong background in consumer credit, having been CEO at Brighthouse Group Ltd between October 2016 and March 2019. He previously held roles within Cable & Wireless and OC&C Strategy. Mr Crawford will be available to the business after the handover period for consultation and has agreed to an extended non-compete period until 31 July 2020.

Mr Crawford has led Amigo as CEO since October 2015, growing the business substantially and leading its successful IPO in July 2018.

Glen Crawford commented: "The business has performed strongly in its first year following our listing on the premium section of the London Stock Exchange. I am proud of our achievements and look forward to delivering our full year results for the year ended 31 March 2019 when we update the market in May.

"One of our objectives when we listed was to broaden and strengthen our leadership team whilst developing a succession plan for the medium and longer term. We have been successful in this regard, with Nayan Kisnadwala joining as CFO in Q3 and Deborah Green taking up a new role of COO in Q4. Nayan and Deborah are already adding significant value and we look forward to Hamish joining us in early May. Hamish has extensive experience as a leader within the non-standard finance sector and was recruited by Amigo to work closely with me in developing the business, and to provide longer-term succession planning.

"Amigo will report its maiden Full Year results in May 2019 and I am pleased to confirm that current trading continues to be in line with management expectations. It is against this successful backdrop of a strong financial performance and a strengthened leadership team, combining significant recent hires with Amigo's existing experts across the firm that I felt able to take the necessary decision to step down and focus on getting back to full health. I remain a major shareholder in Amigo and intend to remain close to the business going forward."

Stephan Wilcke, Chairman commented: "Whilst we are saddened by Glen's decision to depart we respect his decision and wish to facilitate his timely recovery. Glen's drive and commitment has seen Amigo through its first full year post IPO despite his spinal problems. All this has been achieved whilst developing a strong management team who will work with Hamish and the board to continue the successful execution of Amigo's strategy."

Hamish Paton commented: "I am delighted to be joining Amigo. It is a great business with a compelling product offering that plays a pivotal role in the lives of its customers. I am really looking forward to the opportunity to work with an exceptional team on the next phase of the Company's development."

Remuneration

Mr Crawford will continue to receive his salary and contractual benefits until 31 July 2019 and remains subject to the terms of the shareholder lock-in agreement signed at the time of the IPO. 

Additional Information

This announcement is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to this announcement or otherwise.

This announcement contains inside information for the purposes of article 7 of Regulation 596/2014 ("MAR").

This announcement constitutes notice by Amigo Luxembourg S.A. (the "Issuer") to the holders of the Issuer's £320,000,000 Senior Secured Notes due 2024 (for the notes issued pursuant to Rule 144A of the United States Securities Act of 1933, ISIN: XS1533928468 and Common Code: 153392846; for the notes issued pursuant to Regulation S of the United States Securities Act of 1933, ISIN: XS1533928625 and Common Code: 153392862) (the "Notes") issued pursuant to pursuant to Section 4.03(a)(3) of an indenture dated January 20, 2017 among, inter alia, the Issuer, the guarantors named therein and U.S. Bank Trustees Limited, as trustee and security agent.  Amigo Holdings PLC is the indirect parent company of the Issuer. This announcement shall constitute a "Report" to holders of the Notes.

RBC Europe Limited, which is authorised in the United Kingdom by the Prudential Regulatory Authority and regulated by the FCA and the Prudential Regulatory Authority, is acting for Amigo and for no one else in connection with this announcement and will not be responsible to anyone other than Amigo for providing the protections afforded to its clients or for affording advice in relation to this announcement, or any other matters referred to herein.

J.P. Morgan Securities plc, which conducts its UK investment banking business as J.P. Morgan Cazenove ("J.P. Morgan Cazenove"), is authorised and regulated in the United Kingdom by the Financial Conduct Authority. J.P. Morgan Cazenove is acting as financial adviser exclusively for Amigo and no one else in connection with the matters set out in this announcement and will not regard any other person as its client in relation to the matters in this announcement and will not be responsible to anyone other than Amigo for providing the protections afforded to clients of J.P. Morgan Cazenove, nor for providing advice in relation to any matter referred to herein.

-ENDS

Contacts:

Hawthorn Advisors [email protected] Tel:        07771344781

Lorna Cobbett

Victoria Ainsworth

 

J.P. Morgan Cazenove (Joint Corporate Broker) Tel: 020 7742 4000

Jeremy Capstick

Christian Kornhoff

 

RBC Capital Markets (Joint Corporate Broker) Tel: 020 7653 4000

Oliver Hearsey

Marcus Jackson

 

Notes to Editors:

About Amigo Loans

Amigo Holdings PLC ("Amigo" or the "Company") is listed on the main market of the London Stock Exchange (ticker: AMGO). Amigo is the leading company in the UK guarantor loans market and offers access to mid-cost credit to those who are unable to borrow from traditional lenders due to their credit histories.

The guarantor loan concept introduces a second individual to the lending relationship, typically a family member or friend with a stronger credit profile than the borrower. This individual acts as guarantor, undertaking to make loan payments if the borrower does not.

Amigo was founded in 2005 and has grown to become the UK's largest provider of guarantor loans, with approximately 88% UK product share as of 31 March 2018. In the process, Amigo's guarantor loan product has allowed borrowers to rebuild their credit scores and improve their ability to access credit from mainstream financial service providers in the future.

Amigo operates within the mid cost-credit market providing a simple and transparent product - a guarantor loan at an APR of 49.9%, with no fees, early redemption penalties or any other charges.

Amigo Loans Ltd and Amigo Management Services Ltd are authorised and regulated in the UK by the Financial Conduct Authority (FCA).

 

 


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